By Patrick Raleigh UT On-line/news editorKazincbarcika, Hungary-VCP Capital Partners Unternehmensberatungs AG (VCP) of Vienna plans to sell a "significant" part of its 92-percent shareholding in BorsodChem RT, the Kazincbarcika-based isocyanates and PVC producer has announced. According to BorsodChem , the scale of VCP's divestment will reflect the stock liquidity needs of institutional investors-suggesting that well over 50 percent of BorsodChem shares could go on offer.The divestment will be via a private shares placement and Global Depositary Receipts (GDRs) to international and Hungarian institutional investors, Borsodchem said 3 Sept. VCP, it added, aims to complete the sell off in Q4 2004, and has engaged HSBC Bank plc as global co-ordinator and bookrunner of the International Offering.In a related move, BorsodChem is to sell its 15.5-percent stake in Tiszai Vegyi Kombinát Részvénytársaság (TVK), to VCP's subsidiary CE Oil & Gas, for around Euro83 million. BorsodChem said it expects to enter a long-term ethylene supply agreement with TVK in the near future, so eliminating the strategic need to retain a stake in the feedstock supplier.BorsodChem is the only producer of MDI (methylene diphenyl diisocyanate) in the central and eastern European (CEE) region and a leading producer of TDI (toluene diisocyanate). The group is also the largest producer of PVC (polyvinyl chloride) in the CEE."
